Analyst Maxwell Skor of Morgan Stanley maintained a Buy rating on Crinetics Pharmaceuticals (CRNX – Research Report), reducing the price target to $65.00.
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Maxwell Skor has given his Buy rating due to a combination of factors that highlight Crinetics Pharmaceuticals’ promising future. The company is gearing up for the commercial launch of paltusotine, a treatment for acromegaly, with preparations well underway. The management has received positive feedback from healthcare professionals regarding the drug’s potential benefits, and they do not foresee any major hurdles with payers.
Additionally, Crinetics is advancing its pipeline with significant trials, including the Ph3 CALM-CAH trial for atumelnant, which aims to set a new standard in treating congenital adrenal hyperplasia. The company’s regulatory engagements are progressing smoothly, with no anticipated advisory committee meetings for the upcoming NDA review. These strategic initiatives, coupled with a strong financial position, underpin Skor’s optimistic outlook for the company’s growth potential.
In another report released on May 9, Leerink Partners also reiterated a Buy rating on the stock with a $80.00 price target.